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State law allows the Comptroller`s office to advise local officials and property owners on property tax issues. The law does not permit us to intervene in local matters, interpret the law, or issue enforceable legal opinions. The Texas Constitution and the Property Tax Code govern the appraisal of property for taxation. 01, Property Tax Code, requires the chief appraiser to appraise all property at its market value on January 1. Property Tax Code Section 1. 04 defines market value as the price at which a property would transfer for cash or its equivalent under prevailing market conditions where neither the buyer nor seller is under pressure to buy or sell. A property`s selling price is a good indicator of market value; however, it is not the only factor the county appraisal district (CAD) considers when determining value. The CAD may take into account the sales date, the tract size, the property`s location and condition, improvement value, and any other special amenities. The law requires the chief appraiser to appraise property using one of the generally accepted methods of appraisal (cost, income, and market). 013 describe the cost, income, and market appraisal methodologies. The market approach is most often used for appraising residential property and simply asks, "What are properties similar to this property selling for. " The value of your property is an estimate of the price your property would sell for on January 1. The appraisal district compares your property to similar properties that sold recently and determines your property`s value. The market approach primarily requires an active market in properties comparable to the subject property. When sales are not available, the chief appraiser may determine a property`s value by: 1) expanding the area looking for available comparable sales - he or she may look at similar land or homes in another part of the county; 2) using the list price of comparable land currently on the market; or 3) using a sales price of a comparable property that sold in a prior year. Are property taxes based on purchase price or appraised value. I don`t know if you are the right person to ask, but any advice/pointers you might have would be very much appreciated.

I will try to answer your question as best as I can for you to understand. Property Taxes are based off of the Taxable Value. Sale Price and Assessed value do go into the mix. In 1994 the voters for the state of Michigan approved Prop A to reduce taxes. At this time the people who owned homes/properties had the taxable value set at their assessed value. This was the starting point for everyone. Taxable Value means- the value your taxes are based off of. In the meantime, all other owners that continue to own their homes/properties their taxable value only goes up the rate of inflation or 5% whichever is less. So, as the assessed value increases the taxable value only goes up by small increments BUT, the assessed value continues to climb until the transfer of ownership. This created large gaps between assessed and taxable for many people. This worked well for a long time for most property owners when the housing market was good. I have many residents that purchase their property only to find that their taxable value doubled in the matter of one year. Now that assessed values are decreasing but the gap is still there the owners that have been around for a long time are not seeing a decrease in taxable value but instead an increase. This will occur until the assessed value decreases below the Taxable Value. Also, if you own and occupy your home by May 1st of each year you are entitled to the principal residence exemption which takes 18 mills off your tax bill. If you do not occupy this residence or it is vacant land you will be charged the additional 18 mills. This too is all part of Prop. We do have a frequently asked questions on our webpage in the assessing department. You may want to take a look at that. And it could answer some questions you have. Also, if this is still not clear for you, I do have some pamphlets here in the office I can send you. Your last option would be to come in and sit down with me at any time.

Keep in mind the laws and procedures vary from state to state. However, I know of no taxing entity that tacks on the delinquent tax after the sale. In other words, the minimum bid at auction is set at an amount that covers the back taxes that the original homeowner owes, plus penalties, etc. Some states, including Texas, do NOT wipe out prior liens on the property. This isn`t a huge problem, as I cover in the material, but should be kept in mind when researching a particular property of interest. in Texas, you may get the property and of course not owe any prior property tax, but a contractor or bank still holds a lien on the property. (This actually makes for better auctions in my opinion, because without knowledge of how to research the title, fewer people show up to bid;). I hope I answered your question. If you meant - after you own the property or have gotten it at auction. Each year the appraisal district makes appraisals on each house (or they try to), the amount of property tax assessed will be the fair market value as they determine. (which is typically 20% less than actual value). They do not care what you actually paid for the house - they care what it is worth (although you can often dispute their appraisal successfully).

Property taxes are based upon the assessed value of the property, as determined by your county assessment office, not on the actual sales price. When properties are bought and sold, the assessed value typically isn`t changed or updated, since this would constitute `spot assessment` (e. equivalent properties should be assessed at the same value, regardless of whether one property was sold recently). There are two separate taxes, however, that are based upon the sales price; (1) a local "Real Estate Transfer Tax" which is the equivalent of a sales tax on the price of the property (this typically is split between the local municipality and school district, and typically is 1% total); and (2) a state `Real Estate Transfer Tax` which operates the same, but the monies go directly to the state. State Program Leader, Economic and Community Development Professor of Agricultural Economics Penn State Cooperative Extension The Pennsylvania State University (814) 865-9542 (office) (814) 574-2874 (cell) .

The answer is no (and yes). Assessed values of property are not automatically adjusted to the sales price when a property is sold (or they`re not supposed to be). That`s actually a practice that is frowned upon in assessment circles, called "sales chasing. What does happen is that each year the assessor takes the sales in the property`s neighborhood (or sales of like properties if there is no "neighborhood") and calculates how the average sales price has changed since the year before. All the assessed values in the neighborhood are then adjusted based on this sales factor. This is the process called "trending. Indiana also does not have a real estate transfer tax, as some states do, so there is no non-property tax on the sale of a property. Hope I`ve understood your question. Let me know if I can be of further help. Do i pay property taxes on sales price. I know you are probably very busy but I was hoping you could give me a couple pointers.

You can learn more about how a property is assessed at:. Residential properties, by law, must be valued solely by the market approach, using comparable verified sales from the study period. The market approach is the most direct method of appraisal. Market value is the most probable price, expressed in terms of money, that a property would bring if exposed for sale in the open market in an arm`s length transaction between a willing seller and willing buyer, both of whom are knowledgeable concerning all the uses to which it is adapted and for which it is capable of being used. Is property taxes based on the purchase price of the estimated value of the house. I don`t know if you are the right person to ask, but any advice/pointers you might have would be very much appreciated.

I`m speaking from my personal experience as a landowner in the state of Neb. ? which was recently re-assessed at a substantially higher rate, thus raising my taxes, though no improvements have been made. (If anything, it`s depreciated. ) I think how the property is zoned is a factor ? mine being agricultural land, much of the (supposed) assessment has to do with soil class and other environmental factors. Now, off the record, my assumption/personal opinion on property tax "values" and "assessments" is that prop. taxes are a revenue source, plain and simple. And if the county/state needs more money, they`ll hit the property holder for it and justify it later, somehow; and that`s where we are right now ? everyone looking for/needing more money. Don`t know if I`ve helped or not, but that`s my shot at it. Lisa Hare Ag News Reporter/Editor Yankton Press & Dakotan 319 Walnut St. Is proprty tax based on sale price or assessed value. Because of your experience I was hoping you will be able to shed some light on the subject.

Property taxes are based on a number of things, one of them being the sales prices of homes that sold in the previous year. The Clark County Assessor reassesses taxes once per year. You can find out more info about that process at www. com and go to the Assessor`s page. com Lisa Czajka Loan Officer MetLife Home Loans 5598 S. Fort Apache Las Vegas NV 89148. When you buy a las vegas property is the property tax determined by sales price. Would you consider giving me a hand or at least some advice based on your experience. Would you consider giving me a couple pointers.

Property tax is billed on the Taxable Value of the home. When you buy a home you are paying on the old owner`s taxable value and the year after you buy the home it becomes uncapped and at that time the assessed value becomes the taxable value and that is what you are taxed on. The sale price of the home has no bearing on your taxes except the fact that we will use that sale if it is an arms lengthen sale. willing seller/willing buyer) to come up with an ECF Ratio which is applied to bring the home up or down to the market value. Laura Mroczka, CMAE III, PPE Deputy Assessor Genoa Charter Township. Is proprty tax based on sale price or assessed value. Because of your experience I was hoping you will be able to shed some light on the subject.

Taxes are based on the appraised value. The appraised value is determined by sales of comparable properties in the neighborhood and purchase price since the actual price paid is the most accurate indicator of market value. We appraise as of January 1 of the year, so generally sales that occur after that date or at least through March 31 of the year can be considered. Are property taxes based on purchase price or appraised value. I don`t know if you are the right person to ask, but any advice/pointers you might have would be very much appreciated.

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